Update parameters based on macro data

[jdebacker]

This PR updates the default_parameters.json to values consistent with the Indian economy.

[abhishekverma85]

Value is 5.2% for the period 2000 to 2013

https://labour.gov.in/sites/default/files/Chapter%20-%204.pdf

For g_y_annual.. This is from the Ministry of Labour, Govt of India's report (refer Table 4.1)

[rickecon]

@adc2-tpru suggested that delta_annual should be 0.049 based on a paper of his. But @indira-tpru said it should be 0.0326.

[shekharkhetan]

http://www.mospi.nic.in/sites/default/files/reports_and_publication/statistical_publication/National_Accounts/NAS18/S4.2.pdf

for government transfers by economic activity , do we need to add the current transfer? Pl clarify in the above link.

[abhishekverma85]

for alpha_G : 11.2% (for 2018)

https://data.worldbank.org/indicator/NE.CON.GOVT.ZS?locations=IN

General government final consumption expenditure (% of GDP)

[dddodums]

I got a figure on subsidy as a % of GDP in India(subsidy is the only form of transfers in India other than the pensions) thus the following: Government data shows that subsidy as a percentage of gross domestic product (GDP) has come down to 1.57 percent for 2017-18 and stands at ₹2.34 trillion, one of the lowest since 2008-09, when subsidies formed 2.35 percent of the GDP

http://www.forbesindia.com/article/poll-vault/is-the-budget-subsidy-data-telling-you-the-real-story/52233/1

[soumyajitrayecon]

Capital & Labour Income share Income & Labour share.xlsx 2016-17 For the Economy: Labour income share = 0.5 & Capital Income Share = 0.5 For the Manufacturing : Labour income share = 0.301 & Capital Income Share = 0.699 For the Service Sector : Labour income share = 0.524 & Capital Income Share = 0.476

[soumyajitrayecon]

Monthly Summary Report of DoE for July,2019_0.pdf

Department of Expenditure report on Government Expenditure July 2019

[soumyajitrayecon]

Following r_gov_scale and r_gov_shift were estimated using the attached data. Period : 1993 to 2018 Government_Securities = 0.81(Commercial_Paper)+1.16 Central_Government_Securities = 0.82(Commercial_Paper)+0.93 State_Government_Securities = 0.81*(Commercial_Paper)+1.39

r_gov_scale & shift.xlsx

[jdebacker]

@soumyajitrayecon What should I look for in that report? Can you summarize what that implies for a parameter value?

[soumyajitrayecon]

@jdebacker Sir, that report is the expenditure summary of the Government of India for the month of July 2019. This can be used to impute the total spending on government transfers (DBT & others) to households. However further probe needs to be done in order to arrive at a more robust estimate of Expenditure on Transfers/GDP.

[jdebacker]

@soumyajitrayecon Thank you for clarifying that for me. I agree - that report will be useful, but we'll need some additional information.